Question 1
A category of costs that includes all the costs associated with the general management of the company is referred to as
◦ product costs.
◦ general and administrative costs.
◦ selling costs.
◦ indirect costs.
Question 2
The three components of product costs are:
◦ Material, direct labor, and indirect labor.
◦ Indirect material, indirect labor, and overhead.
◦ Direct material, indirect material, and labor.
◦ Direct material, direct labor, and overhead.